Taxation Sector Trends 2023
This List covers trend insights about the future of the Taxation Sector. Insights curated in 2023.
This List covers trend insights about the future of the Taxation Sector. Insights curated in 2023.
Insight posts
Quantumrun Foresight
Some countries are implementing digital transformation projects to enable real-time reporting and remittance of taxes.
Insight posts
Quantumrun Foresight
Robotic process automation (RPA) is changing how tax firms operate manual and tedious processes, resulting in more agile taxation systems.
Insight posts
Quantumrun Foresight
As services and employment switch to the on-demand model, how can firms tax this sector properly?
Insight posts
Quantumrun Foresight
Governments are partnering with different agencies and stakeholders to end widespread financial crimes.
Signals
Ctmirror
Connecticut lawmakers are considering a bill that would establish a special working group to look into the issue of dual taxation on tribal territory.
The Mohegan and Mashantucket Pequot tribes, along with other federally recognized tribes across the nation, have been speaking out against the...
The Mohegan and Mashantucket Pequot tribes, along with other federally recognized tribes across the nation, have been speaking out against the...
Signals
Coinjournal
UK's HM Treasury has outlined tax policy changes targeted at DeFi lending and staking.
The proposals are part of a consultation on taxation of activities conducted using crypto assets in DeFi.
The new changes are also looking to apply to crypto lending and staking transactions on centralised...
The proposals are part of a consultation on taxation of activities conducted using crypto assets in DeFi.
The new changes are also looking to apply to crypto lending and staking transactions on centralised...
Signals
Bmmagazine
News that the government has launched a consultation to address the 'double taxation' of IR35 under the off-payroll working rules has been universally welcomed.
The consultation, launched today, will explore ways HMRC can account for taxes already paid by a contractor when calculating the tax...
The consultation, launched today, will explore ways HMRC can account for taxes already paid by a contractor when calculating the tax...
Signals
Cryptopotato
The United Kingdom is gearing up for tax treatment of lending and borrowing on decentralized finance (DeFi) protocols. The country's taxation division - HM Revenue and Customs - released a consultation document seeking views on modifying the tax treatment of DeFi lending and staking. The final decision on whether to proceed with legislative changes will be made after the consultation.
Signals
Computerweekly
HM Revenue & Customs (HMRC) has confirmed it could have a legislative solution to the long-standing issue of it over-collecting tax in instances where organisations have fallen foul of the IR35 rules by April 2024. The government tax collection agency has come under growing pressure in recent years to address this issue, which originates from the fact that when calculating how much tax a non-compliant organisation must pay, HMRC fails to take into account the corporation and dividend tax the contractors employed by these entities have already paid.
Signals
Swissinfo
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The Italian Chamber of Deputies has approved the new cross-border commuter agreement between Switzerland and Italy. The ratified deal replaces the previous agreement of 1974 and is mainly intended to avoid double taxation.
This content was published on May 4, 2023
May 4, 2023
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The Italian Chamber of Deputies has approved the new cross-border commuter agreement between Switzerland and Italy. The ratified deal replaces the previous agreement of 1974 and is mainly intended to avoid double taxation.
This content was published on May 4, 2023
May 4, 2023
...
Signals
Bitcoinist
Nayib Bukele, president of El Salvador and a Bitcoin supporter, has recently signed a law that removes taxation on technological innovations in the country. The Innovation and Technology Manufacturing Incentive (ITMI) Act revealed a broad spectrum of sectors where complete tax removal applies. While countries such as the US administration wants high tax payments on technological innovations such as cryptocurrency mining, this new law could go far in attracting innovation-focused companies, which will bring development to the nation.
Signals
Taxprof
This week, Tracey Roberts (Cumberland; Google Scholar) reviews a new work by Kimberly Clausing (UCLA; Google Scholar), Capital Taxation and Market Power. On Tuesday the Wall Street Journal reported that Americans are facing continued price increases, not because of pandemic-related supply-chain disruptions or because of rising energy costs following the Russian invasion of Ukraine, but because corporations are simply padding their profits.
Signals
Allafrica
Nairobi — Public Sector Trade Unions have threatened to call for industrial action if the proposed taxation in the Finance Bill is enacted into law. In a statement read by Kenya Universities Staff Union Secretary General Charles Mukhwaya, the unions said they are concerned that the average public sector worker is already over-taxed.
Signals
Taxprof
Doron Narotzki (Akron; Google Scholar) & Tamir Shanan (Haim Striks Faculty of Law, Israel), Cross-Border Corporate Social Responsibility and Taxation: A New Conceptual Framework in an Era of Economic Globalization, 17 Ohio St. Bus. L.__ (2023):. While only several decades ago, the idea of corporate social responsibility was not trivial, it seems that most scholars today understand that corporations owe special commitments to their stakeholders which go beyond common regulatory and conventional requirements in promoting the community in which it operates.
Signals
Business-standard
Your browser does not support the audio element. The Department for Promotion of Industry and Internal Trade (DPIIT) has taken up the taxation issue of startups with the finance ministry, a top government official has said. "Startup India does provide such policy advocacy, particularly on the taxation issue.
Signals
Demcastusa
Donald Hickey, "The War of 1812: A Forgotten Conflict" This historical fact has caused me to return to my argument that blue state governors must use their economic power to take up the case for democracy in the United States. A vitally important case is coming before the Supreme Court. . If the current Republican majority (the six justices who are blatant partisans) allow state legislatures to set their own rules for federal elections, then those rules cannot be overturned or reviewed by state courts.
Signals
Accountancyage
Love them or loathe them, the rise of social media platforms such as YouTube, Tik Tok and Instagram has bred an army of 'influencers' keen to show you why you can't and shouldn't live without the latest gadget, product, or social experience. With posts reaching potentially millions of people in a matter of seconds, and some influencers having a big impact on people's buying habits due to their perceived credibility in their chosen area, it is unsurprising to learn that businesses are prepared to invest large sums of money courting them.
Signals
Taxprof
Jay Soled (Rutgers; Google Scholar) & Kathleen DeLaney Thomas (North Carolina; Google Scholar), AI, Taxation, and Valuation, 108 Iowa Rev. 651 (2023) (reviewed by Mirit Eyal-Cohen (Alabama; Google Scholar) here):. Virtually every tax system relies upon accurate asset valuations. In some cases, this is an easy identification exercise, and the exact fair market value of an asset is readily ascertainable.
Signals
Taxfoundation
Note: The following is the testimony of Sean Bray, Director of European Policy at the Tax Foundation, prepared for a European Parliament Subcommittee on Tax Matters meeting of experts on May 23, 2023, titled, "Further Reform of Corporate Taxation Rules."
Rapporteur Benjumea and distinguished...
Rapporteur Benjumea and distinguished...
Signals
Middleeastmonitor
Egypt and the Sultanate of Oman yesterday signed an agreement and a memorandum of understanding on the avoidance of double taxation and prevention of income and capital tax evasion, the Oman News Agency reported. This came on the sidelines of the Sultan of Oman, Haitham Bin Tarik's visit to Cairo. The two sides have also signed an MoU on cooperation on financial policies and developments.
Signals
Jdsupra
We previously reported that the Minnesota Legislature was considering imposing mandatory worldwide combined reporting through an omnibus tax bill. Subsequent to our report and in the face of numerous criticisms, Minnesota Senate leaders backed away from the proposal. But ominously, those same leaders said they would examine other tax increases to make up for the (potentially hypothetical) revenue left on the table by moving away from mandatory worldwide combined reporting.
Signals
Jdsupra
On December 22, 2022, New Jersey enacted P.2022, 133, which changed the Corporation Business Tax and Gross Income Tax procedures for S corporations. Most significantly, for privilege periods beginning on or after December 22, 2022, the new law provides that a taxpayer that qualifies as an S corporation or a Qualified Subchapter S Subsidiary ("QSSS") for federal tax purposes no longer needs to make a separate S corporation or QSSS election for New Jersey tax purposes.
Signals
Jdsupra
An administrative law judge with the New York State Division of Tax Appeals held that the federal Internet Tax Freedom Act (ITFA) preempted the imposition of New York franchise tax and a metropolitan transportation business tax (MTA) surcharge on gross receipts from sales of asymmetric digital subscriber line (ADSL) and fiber broadband aggregation and access services (Fiber Broadband).
Signals
Knowridge
Introduction: Defining "Junk Food" for Health Policies. Defining "junk food" is crucial for implementing effective health policies, such as junk food taxes, aimed at reducing consumption and improving community health. Researchers from the NYU School of Global Public Health and the Friedman School of Nutrition Science and Policy at Tufts analyzed three decades of U.food policies to understand how "junk food" is determined for policy purposes.
Signals
Shtfplan
The Economist magazine in a recent editorial painted a rather positive image of the American economy. After encountering setbacks, the American economy often registers a buoyant recovery. Despite competition from rivals, America has retained her position as the world's top economy. Some are bewildered by America's enduring prosperity, but is it reasonable to expect less from a country designed to do business?
Signals
Taxprof
The question of whether income or consumption is a more appropriate tax base has occupied a prominent place in the tax policy discourse since about the 1970s. Although deliberated in the literature for centuries — the names Hobbes, Smith, Mill, Fisher, and Kaldor come to mind — it appears to have been William Andrews' 1974 Harvard Law Review article, A Consumption-Type or Cash Flow Personal Income Tax, that brought the issue to the attention of tax academics and policymakers.
Signals
Moneycontrol
The impact of the 'Two-Pillar Solution' on developing economies was discussed at a two-day event on international taxation hosted by India as part of its G20 Presidency. The talks on international taxation, held at the National Academy of Direct Taxes in Nagpur, were in collaboration with Geneva-based think-tank South Centre and concluded on June 2, the finance ministry said in a statement.
Signals
Taxprof
Laura Snyder (AARO, SEAT), The Unacknowledged Realities of Extraterritorial Taxation, 47 Ill. L.243 (2023):. The U.extraterritorial tax system has evolved such that today it is more consequential than one century ago. The system, conceived in the stigmatization of overseas Americans, consists of highly penalizing taxation and banking policies that make it difficult for overseas Americans to live normally.
Signals
Theblaze
There's nothing new about Europe wanting to take away American ingenuity, research and development, and freedoms and then make us pay for the rope to hang ourselves. What is new, however, is an American administration that is working with Europe on an international tax-cartel scheme that is designed to erode U.sovereignty, incentivize the growth of all governments, and penalize American taxpayers, consumers, and workers over those in other countries.
Signals
Slaynews
Plans have been revealed to introduce a global taxation system to ensure that taxpayers around the world are funding the green agenda to "fight climate change." The system was announced by French President Emmanuel Macron who argued that globalized taxes are critical for "climate action." Macron revealed the plans while speaking at the Summit for a New Global Financing Pact in Paris on Friday.
Signals
Thenewscrypto
Taxation of cryptocurrencies is still one of the grayest areas of law in many nations. Unrealized profits from tokens issued by corporations themselves would no longer be taxed. The Japanese National Tax Agency is relaxing its position on taxing crypto assets for companies operating in Japan. To make it simpler for cryptocurrency-related businesses to operate in Japan.
Signals
Realclearwire
Who is authorized to tax the income of a commuter who doesn't commute? This question—born of the pandemic and currently pending before the Supreme Court of Ohio—could be coming to a tax bill near you, and soon. Following the outbreak of Covid-19 in 2020, government orders forced millions of employees to work from home instead of at their usual offices.
Signals
Law360
By Jared Serre (July 2023, 11:43 AM EDT) -- In this week's Taxation With Representation, FIS agrees to sell a majority stake in Worldpay Merchant Solutions, Mars acquires Kevin's Natural Foods, Brookfield will take over American Equity Investment Life Holding Co., and Patterson-UTI acquires Ulterra....
Signals
Forbes
Suing for defamation can result in a large recovery. Unfortunately, the suing plaintiff is taxed on ... [+] the amount she keeps and also on the amount paid to her lawyer.Getty Images/iStockphoto
Defamation verdicts and settlements regularly make the news. But we rarely learn what plaintiffs keep...
Defamation verdicts and settlements regularly make the news. But we rarely learn what plaintiffs keep...
Signals
Blockchain
The US Senate Finance Committee has issued an open letter to the digital asset community and other interested parties, seeking their input on the taxation of digital assets. The letter, dated July 11, 2023, was signed by Chair Ron Wyden and Ranking Member Mike Crapo.
The rapid emergence of...
The rapid emergence of...
Signals
Mondaq
The U.tax system developed in response to colonial opposition to taxation without representation. As such, Article I of the Constitution provides that Congress may not impose a "direct tax" unless the tax is "apportioned" to each state based on relative population, which would be practically and politically infeasible in most cases.
Signals
Dailymail
The Government wonders why the economy is growing so slowly. It should look in the mirror, for it is curiously naive about the way its own actions have unintended consequences for growth. Jeremy Hunt is preoccupied with the de-banking scandal, an over-reaction to its own money-laundering legislation in 2017 that put pressure on banks to be much more careful about customers they took on.
Signals
Allafrica
Delegation from the Ghana Investment Promotion Centre (GIPC) and the Ghana Export Promotion Authority (GEPA) has engaged authorities of Trinidad and Tobago about considering double taxation and bilateral investment treaties to further enhance trade flow between the two nations. The talks were held when the delegation met with representatives of Trinidad and Tobago's Chamber of Industry and Commerce (TT Chamber) last week.
Signals
Wattsupwiththat
From MasterResource
By Robert Bradley Jr. — August 24, 2023
"The border tax adjustment would be hugely complex given the international supply-chain system, leading to an increase in the attendant bureaucracy even if the regulatory bureaucracy is reduced in size."
"The CLC proposal is poor...
By Robert Bradley Jr. — August 24, 2023
"The border tax adjustment would be hugely complex given the international supply-chain system, leading to an increase in the attendant bureaucracy even if the regulatory bureaucracy is reduced in size."
"The CLC proposal is poor...
Signals
Forbes
Businessman uses a tablet for analyzing global Currency. Stock Exchange and money transfer on ... [+] virtual screen fintech financial technology, internet payment, money exchange, digital banking concept.getty
On August 25, 2023, the U.S. Department of the Treasury and the IRS released proposed...
On August 25, 2023, the U.S. Department of the Treasury and the IRS released proposed...
Signals
Taxfoundation
In 2017, Congress made several permanent changes to the taxation of foreign earnings. These changes included an end to the unlimited deferral of foreign earnings from U.S. taxable income and the introduction of new anti-avoidance rules alongside a dividends-received deduction for corporations.
A...
A...
Signals
Wealthmanagement
On August 25, 2023, the U.S. Department of the Treasury and the IRS released proposed regulations on reporting by brokers for sales or exchanges of digital assets. The proposed regulations aim to align tax reporting on digital assets with tax reporting on other financial assets. The regulations...
